However, creditors have tentatively agreed to give Kavanaugh a few more weeks to secure some equity financing. If successful, he might get as much as a one-year extension on the debt. “The company is still in a tough battle,” one source said.

Last week, there was a report that Catalyst Capital was prepared to buy out some creditors to help save Relativity. But that is not necessarily happening.

“It’s so messy,” said a second source. “He did miss the deadline and he didn’t get the money. I think Catalyst probably said we’ll put up the money to buy out the debt if you can get someone to come in with equity.”

Kavanaugh isn’t believed to have found an investor to provide equity to keep the company’s wheels turning.

Last week, Relativity pushed back the release of “Masterminds” to Oct. 9 from Aug. 19 amid chatter that it didn’t have the cash to properly promote the movie.